When Uber begins trading on Friday, it will cap one of the largest ever tech initial public offerings and join a crowd of big-name startups making their stock market debuts this year. Not since the dot-com boom have so many richly valued tech companies gone public in such short succession: Shares of Lyft and Pinterest are now trading, and Slack, WeWork and Palantir are expected to follow soon. But this crop of tech companies is markedly different from those that came up during the late 1990s. Many rode the rise of mobile connectivity and cloud computing in the last decade to multibillion-dollar valuations. They are more mature, having spent years as private companies building their businesses. But a number remain deeply unprofitable, and the time they spent in the private markets, increasing in size and value, has ultimately raised questions about where they go from here. By staying private for longer, tech startups have been able to avoid public scrutiny When Netscape, Yahoo and … [Read more...] about News How does Uber IPO differ from dot-com boom?
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SAN FRANCISCO — Google’s parent company, Alphabet, said Tuesday that Eric Schmidt, its former chief executive, planned to relinquish his position on the board of directors in June. His departure will end an era for the internet giant, in a shake-up of one of the coziest and most stable corporate boards in Silicon Valley. Another member, Diane Greene, who gained her seat in 2012 and had been running Google’s cloud computing business until this year, will also not seek re-election. Schmidt, who was Google’s chief executive for a decade until 2011 and then its executive chairman for 7 years, oversaw the meteoric rise of Google from a useful search engine into an internet powerhouse. He was brought into the company in 2001 to provide oversight for its young founders, Larry Page and Sergey Brin. He helped take Google public and oversaw major acquisitions like YouTube and DoubleClick, which cemented Google as an industry giant. Schmidt stepped down as executive … [Read more...] about News End of an era at Google as ex-CEO Schmidt plans to leave board
WASHINGTON -- Democratic leaders said Tuesday they reached agreement with President Donald Trump to pursue a $2 trillion plan for improving America's creaking infrastructure, but deciding how to pay for the ambitious project could become a sticking point. "We agreed on a number which was very, very good: $2 trillion for infrastructure," Senate Minority Leader Chuck Schumer said, in a sign the feuding sides may be willing to work together on accomplishing a major bipartisan goal to upgrade the nation's roads, bridges, airports, rail lines, energy grid, waterways and broadband internet access. House Speaker Nancy Pelosi added that the lawmakers and Trump agreed to pursue a "big and bold" proposal, but that Democrats would be waiting eagerly to see the president's plans for how to pay for it. The group will meet again with the president in 3 weeks. White House spokeswoman Sarah Sanders characterized the discussions as "excellent and productive" and said the meeting next month will address … [Read more...] about News Trump, US Democrats agree to forge $2 trillion infrastructure plan
SAN FRANCISCO -- Google parent Alphabet on Monday reported that profit in the first 3 months of this year sagged under the weight of a hefty antitrust fine in the European Union. Alphabet said that profit in the first-quarter fell 29 percent to $6.7 billion on revenue that climbed 17 percent to $36.3 billion. The earnings took a hit from a European Commission fine that amounted to $1.7 billion at the end of March, according to the quarterly update. Google shares were down 6.1 percent to $1,208.50 in after-market trades that followed release of the earnings report. Although profits excluding the one-time costs were better than expected, revenue growth was below forecasts for the technology colossus which is the dominant internet search company and operator of the ubiquitous Android mobile operating system. Chief financial officer Ruth Porat said in the release the results showed "robust growth" led by mobile search, ad revenues from YouTube videos and cloud computing. "We remain focused … [Read more...] about News EU fine on Google weighs on parent Alphabet profits
As long as we have journalists like Felipe Salvosa II, the likes of Bobi Tiglao don’t matter. Salvosa provided a much-needed silver lining last week at the time when dark clouds of lies threatened to overwhelm the public pre-occupied with the business of surviving. Until last week, Salvosa was Manila Times managing editor. He was fired for voicing his reservations about the story his newspaper was putting out. I’m using the word “fired” because he himself admitted that he was asked to resign by management over his tweet posted early afternoon of April 22 which said: “A diagram is by no means an evidence of ‘destabilization’ or an ‘ouster plot.’ It is a very huge stretch for anyone to accuse PCIJ, Vera Files and Rappler of actively plotting to unseat the President. I know people there and they are not coup plotters.” Salvosa’s tweet was questioning the banner story of his own newspaper, written by no less than … [Read more...] about News OPINION: Ipe Salvosa and Bobi Tiglao